Chengdu Embarks on New Journey to be FinTech Center in Western China

Authors: Go Chengdu

2020-05-23

On May 20, the Chengdu city government, at a press conference, announced a three-year program to develop financial technology, and detailed its overall plan, priorities of development, and technologies driving the development of the FinTech industry.
The city aims to become a regional FinTech center with international influence by the end of 2022. The program is the first of its kind in China that was published and will be implemented by a local government in collaboration with the People's Bank of China.
The city targets to build a FinTech zone with the Jiaozi Park financial business district as the core, which is rational in spatial arrangement and features a well-functioning ecosystem and strong driving force for industries by 2022. In the three years, the city will strive to cultivate 5 to 10 FinTech companies which will lead the industrial development in the country, and assist 3 to 5 of them in going public. It will also make a great effort to foster talented professionals in the industry as well as 3 to 5 FinTech research institutions with both national and international influence, so as to strengthen the city's international status in the global academia.
Chengdu fintech
In the recent years, the FinTech industry has been developing fast in Chengdu thanks to the city's unremitting efforts. According to the the Global Financial Centers Index 26 (GFCI 26) released by Z/Yen Group, a London-based commercial think tank, in 2019, Chengdu ranked 18th worldwide in terms of the development in the FinTech industry. With the implementation of the program, the city is believed to embrace a new opportunity to boost the development in the industry.

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